Wednesday, June 24, 2009

Exco: More Wells Planned by End of Year

In all my pooping on EXCO Resources' poor choice of words in a press release earlier this week, I neglected to mention the good news. The company said that it plans to complete 21 more horizontal wells in the Haynesville Shale before year end. This is up from the sixteen they said they intended to complete back in May. The company has already completed nine horizontal wells and eight vertical wells.

In addition, EXCO has committed two-thirds of its 2009 drilling and completion capital budget to the Haynesville Play and will spend over $100 million in 2009 on their midstream assets to add treating capability and increase throughput capacity to more than 500 MMcf per day by early 2010.

Clearly EXCO is excited about its acreage in the Haynesville Shale.

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